Lupin rose 1.54% to Rs 1096.20 after the drug major received US drug regulator's approval for Sevelamer Carbonate tablets.
In a BSE filing made during market hours today, the drug major announced that it had received approval for its Sevelamer Carbonate tablets, 800 mg, from the United States Food and Drug Administration (US FDA) to market a generic equivalent of Renvele tablets, 800 mg, of Genzyme Corporation.
Sevelamer Carbonate Tablets, 800 mg, are indicated for the control of serum phosphorus in adults and children 6 years of age and older with chronic kidney disease on dialysis.
Sevelamer Carbonate Tablets (reference listed drug: Renvele) had estimated annual sales of $348 million in the U.S. (IQVIA MAT September 2020).
Lupin is an innovation-led transnational pharmaceutical company. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products and APIs in over 100 markets.
On a consolidated basis, the drug major reported a net profit of Rs 213.51 crore in Q2 FY21 compared with net loss of Rs 123.44 crore in Q2 FY20. Net sales during the quarter declined 1% year-on-year (Y-o-Y) to Rs 3,781.79 crore.
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